Alliance Statement

HOPE NOW is an alliance between counselors, servicers, investors, and other mortgage market participants. This alliance will maximize outreach efforts to homeowners in distress to help them stay in their homes and will create a unified, coordinated plan to reach and help as many homeowners as possible. The members of this alliance recognize that by working together, they will be more effective than by working independently.

The Department of the Treasury and the Department of Housing and Urban Development encouraged these leaders to form this alliance, which includes (as of October 9, 2007):

 
Alliance Action Plan

• The alliance will conduct a new, national direct mail campaign to contact at-risk borrowers, encouraging them to either call their lender or a credit counselor.
• This alliance has agreed to adopt a standard process model that will strengthen and speed work flow, productivity, and communications between servicers and counselors.
• The alliance will work to expand the capacity of an existing national network to receive, assess, counsel, refer, and connect borrowers to servicers.
• The American Securitization Forum, which represents servicers, investors, and other secondary market participants, has announced that counseling fees can be reimbursed from securitization transactions in appropriate circumstances.
• The alliance will develop common communications guidelines that will be used to respond to at-risk borrowers in order to offer them the best possible solutions, customized for each borrower.
• The servicers have agreed to work toward cross-industry technology solutions to more effectively connect servicers and counselors together in order to better serve the homeowner.
• The alliance will develop a common set of metrics to measure the initiative's progress.